Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither the UTI Beneficiary nor the holder of the 2014-1 SUBI Certificate shall direct the Vehicle Trustee (i) to take any action that would cause the 2014-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 2014-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 2014-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 2014-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 2014-1 SUBI Portfolio and (b) the Trust to pay, other than from the assets of the 2014-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 2014-1 SUBI Portfolio and payable by the Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 2014-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Trust or the 2014-1 SUBI Portfolio or (vii) to take any actions with respect to the 2014-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust and of the Other SUBI Portfolios or the UTI Portfolio.
Appears in 2 contracts
Sources: Vehicle Trust Supplement (BMW Auto Leasing LLC), Vehicle Trust Supplement (BMW Auto Leasing LLC)
Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither none of the UTI Beneficiary nor Beneficiary, the holder of the 20142017-1 2 SUBI Certificate or the Registered Pledgee shall direct the Vehicle Trustee (i) to take any action that would cause the 20142017-1 2 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Vehicle Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20142017-1 2 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20142017-1 2 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20142017-1 2 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20142017-1 2 SUBI Portfolio and (b) the Vehicle Trust to pay, other than from the assets of the 20142017-1 2 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20142017-1 2 SUBI Portfolio and payable by the Vehicle Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20142017-1 2 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) to file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Vehicle Trust or the 20142017-1 2 SUBI Portfolio or (vii) to take any actions with respect to the 20142017-1 2 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust Issuer to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust Issuer and of the Other SUBI Portfolios or the UTI Portfolio.
Appears in 2 contracts
Sources: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2017-2), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2017-2)
Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither none of the UTI Beneficiary nor Beneficiary, the holder of the 20142025-1 2 SUBI Certificate or the Registered Pledgee shall direct the Vehicle Trustee (i) to take any action that would cause the 20142025-1 2 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Vehicle Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20142025-1 2 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20142025-1 2 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20142025-1 2 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20142025-1 2 SUBI Portfolio and (b) the Vehicle Trust to pay, other than from the assets of the 20142025-1 2 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20142025-1 2 SUBI Portfolio and payable by the Vehicle Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20142025-1 2 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation (without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) to file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Vehicle Trust or the 20142025-1 2 SUBI Portfolio or (vii) to take any actions with respect to the 20142025-1 2 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust Issuer to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust Issuer and of the Other SUBI Portfolios or the UTI Portfolio.
Appears in 2 contracts
Sources: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2025-2), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2025-2)
Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither the UTI Beneficiary nor the holder of the 20142015-1 2 SUBI Certificate shall direct the Vehicle Trustee (i) to take any action that would cause the 20142015-1 2 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20142015-1 2 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20142015-1 2 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20142015-1 2 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20142015-1 2 SUBI Portfolio and (b) the Trust to pay, other than from the assets of the 20142015-1 2 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20142015-1 2 SUBI Portfolio and payable by the Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20142015-1 2 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Trust or the 20142015-1 2 SUBI Portfolio or (vii) to take any actions with respect to the 20142015-1 2 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust and of the Other SUBI Portfolios or the UTI Portfolio.
Appears in 2 contracts
Sources: Vehicle Trust Supplement (BMW Auto Leasing LLC), Vehicle Trust Supplement (BMW Auto Leasing LLC)
Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither the UTI Beneficiary nor the holder of the 20142011-1 SUBI Certificate shall direct the Vehicle Trustee (i) to take any action that would cause the 20142011-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20142011-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20142011-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20142011-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20142011-1 SUBI Portfolio and (b) the Trust to pay, other than from the assets of the 20142011-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20142011-1 SUBI Portfolio and payable by the Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20142011-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Trust or the 20142011-1 SUBI Portfolio or (vii) to take any actions with respect to the 20142011-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust and of the Other SUBI Portfolios or the UTI Portfolio.
Appears in 2 contracts
Sources: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2011-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2011-1)
Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither none of the UTI Beneficiary nor Beneficiary, the holder of the 20142018-1 SUBI Certificate or the Registered Pledgee shall direct the Vehicle Trustee (i) to take any action that would cause the 20142018-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Vehicle Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20142018-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20142018-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20142018-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20142018-1 SUBI Portfolio and (b) the Vehicle Trust to pay, other than from the assets of the 20142018-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20142018-1 SUBI Portfolio and payable by the Vehicle Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20142018-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) to file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Vehicle Trust or the 20142018-1 SUBI Portfolio or (vii) to take any actions with respect to the 20142018-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust Issuer to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust Issuer and of the Other SUBI Portfolios or the UTI Portfolio.
Appears in 2 contracts
Sources: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2018-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2018-1)
Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither none of the UTI Beneficiary nor Beneficiary, the holder of the 20142025-1 SUBI Certificate or the Registered Pledgee shall direct the Vehicle Trustee (i) to take any action that would cause the 20142025-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Vehicle Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20142025-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20142025-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20142025-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20142025-1 SUBI Portfolio and (b) the Vehicle Trust to pay, other than from the assets of the 20142025-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20142025-1 SUBI Portfolio and payable by the Vehicle Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20142025-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation (without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) to file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Vehicle Trust or the 20142025-1 SUBI Portfolio or (vii) to take any actions with respect to the 20142025-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust Issuer to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust Issuer and of the Other SUBI Portfolios or the UTI Portfolio.
Appears in 2 contracts
Sources: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2025-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2025-1)
Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither none of the UTI Beneficiary nor Beneficiary, the holder of the 20142022-1 SUBI Certificate or the Registered Pledgee shall direct the Vehicle Trustee (i) to take any action that would cause the 20142022-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Vehicle Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20142022-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20142022-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20142022-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20142022-1 SUBI Portfolio and (b) the Vehicle Trust to pay, other than from the assets of the 20142022-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20142022-1 SUBI Portfolio and payable by the Vehicle Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20142022-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation (without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) to file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Vehicle Trust or the 20142022-1 SUBI Portfolio or (vii) to take any actions with respect to the 20142022-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust Issuer to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust Issuer and of the Other SUBI Portfolios or the UTI Portfolio.
Appears in 2 contracts
Sources: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2022-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2022-1)
Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither none of the UTI Beneficiary nor Beneficiary, the holder of the 20142016-1 SUBI Certificate or the Registered Pledgee shall direct the Vehicle Trustee (i) to take any action that would cause the 20142016-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Vehicle Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20142016-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20142016-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20142016-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20142016-1 SUBI Portfolio and (b) the Vehicle Trust to pay, other than from the assets of the 20142016-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20142016-1 SUBI Portfolio and payable by the Vehicle Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20142016-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) to file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Vehicle Trust or the 20142016-1 SUBI Portfolio or (vii) to take any actions with respect to the 20142016-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust Issuer to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust Issuer and of the Other SUBI Portfolios or the UTI Portfolio.
Appears in 2 contracts
Sources: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2016-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2016-1)
Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither the UTI Beneficiary nor the holder of the 20142013-1 SUBI Certificate shall direct the Vehicle Trustee (i) to take any action that would cause the 20142013-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20142013-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20142013-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20142013-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20142013-1 SUBI Portfolio and (b) the Trust to pay, other than from the assets of the 20142013-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20142013-1 SUBI Portfolio and payable by the Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20142013-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Trust or the 20142013-1 SUBI Portfolio or (vii) to take any actions with respect to the 20142013-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust and of the Other SUBI Portfolios or the UTI Portfolio.
Appears in 2 contracts
Sources: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2013-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2013-1)
Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither none of the UTI Beneficiary nor Beneficiary, the holder of the 20142021-1 SUBI Certificate or the Registered Pledgee shall direct the Vehicle Trustee (i) to take any action that would cause the 20142021-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Vehicle Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20142021-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20142021-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20142021-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20142021-1 SUBI Portfolio and (b) the Vehicle Trust to pay, other than from the assets of the 20142021-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20142021-1 SUBI Portfolio and payable by the Vehicle Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20142021-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation (without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) to file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Vehicle Trust or the 20142021-1 SUBI Portfolio or (vii) to take any actions with respect to the 20142021-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust Issuer to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust Issuer and of the Other SUBI Portfolios or the UTI Portfolio.
Appears in 2 contracts
Sources: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2021-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2021-1)
Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither none of the UTI Beneficiary nor Beneficiary, the holder of the 20142024-1 SUBI Certificate or the Registered Pledgee shall direct the Vehicle Trustee (i) to take any action that would cause the 20142024-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Vehicle Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20142024-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20142024-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20142024-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20142024-1 SUBI Portfolio and (b) the Vehicle Trust to pay, other than from the assets of the 20142024-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20142024-1 SUBI Portfolio and payable by the Vehicle Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20142024-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation (without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) to file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Vehicle Trust or the 20142024-1 SUBI Portfolio or (vii) to take any actions with respect to the 20142024-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust Issuer to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust Issuer and of the Other SUBI Portfolios or the UTI Portfolio.
Appears in 2 contracts
Sources: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2024-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2024-1)
Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither none of the UTI Beneficiary nor Beneficiary, the holder of the 20142016-1 2 SUBI Certificate or the Registered Pledgee shall direct the Vehicle Trustee (i) to take any action that would cause the 20142016-1 2 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Vehicle Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20142016-1 2 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20142016-1 2 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20142016-1 2 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20142016-1 2 SUBI Portfolio and (b) the Vehicle Trust to pay, other than from the assets of the 20142016-1 2 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20142016-1 2 SUBI Portfolio and payable by the Vehicle Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20142016-1 2 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) to file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Vehicle Trust or the 20142016-1 2 SUBI Portfolio or (vii) to take any actions with respect to the 20142016-1 2 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust Issuer to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust Issuer and of the Other SUBI Portfolios or the UTI Portfolio.
Appears in 2 contracts
Sources: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2016-2), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2016-2)
Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither none of the UTI Beneficiary nor Beneficiary, the holder of the 20142023-1 2 SUBI Certificate or the Registered Pledgee shall direct the Vehicle Trustee (i) to take any action that would cause the 20142023-1 2 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Vehicle Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20142023-1 2 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20142023-1 2 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20142023-1 2 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20142023-1 2 SUBI Portfolio and (b) the Vehicle Trust to pay, other than from the assets of the 20142023-1 2 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20142023-1 2 SUBI Portfolio and payable by the Vehicle Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20142023-1 2 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation (without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) to file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Vehicle Trust or the 20142023-1 2 SUBI Portfolio or (vii) to take any actions with respect to the 20142023-1 2 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust Issuer to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust Issuer and of the Other SUBI Portfolios or the UTI Portfolio.
Appears in 2 contracts
Sources: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2023-2), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2023-2)
Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither the UTI Beneficiary nor the holder of the 20142015-1 SUBI Certificate shall direct the Vehicle Trustee (i) to take any action that would cause the 20142015-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20142015-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20142015-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20142015-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20142015-1 SUBI Portfolio and (b) the Trust to pay, other than from the assets of the 20142015-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20142015-1 SUBI Portfolio and payable by the Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20142015-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Trust or the 20142015-1 SUBI Portfolio or (vii) to take any actions with respect to the 20142015-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust and of the Other SUBI Portfolios or the UTI Portfolio.
Appears in 2 contracts
Sources: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2015-1), Vehicle Trust Supplement (BMW Auto Leasing LLC)
Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither none of the UTI Beneficiary nor Beneficiary, the holder of the 20142019-1 SUBI Certificate or the Registered Pledgee shall direct the Vehicle Trustee (i) to take any action that would cause the 20142019-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Vehicle Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20142019-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20142019-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20142019-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20142019-1 SUBI Portfolio and (b) the Vehicle Trust to pay, other than from the assets of the 20142019-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20142019-1 SUBI Portfolio and payable by the Vehicle Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20142019-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) to file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Vehicle Trust or the 20142019-1 SUBI Portfolio or (vii) to take any actions with respect to the 20142019-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust Issuer to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust Issuer and of the Other SUBI Portfolios or the UTI Portfolio.
Appears in 2 contracts
Sources: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2019-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2019-1)
Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither none of the UTI Beneficiary nor Beneficiary, the holder of the 20142023-1 SUBI Certificate or the Registered Pledgee shall direct the Vehicle Trustee (i) to take any action that would cause the 20142023-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Vehicle Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20142023-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20142023-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20142023-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20142023-1 SUBI Portfolio and (b) the Vehicle Trust to pay, other than from the assets of the 20142023-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20142023-1 SUBI Portfolio and payable by the Vehicle Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20142023-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation (without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) to file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Vehicle Trust or the 20142023-1 SUBI Portfolio or (vii) to take any actions with respect to the 20142023-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust Issuer to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust Issuer and of the Other SUBI Portfolios or the UTI Portfolio.
Appears in 2 contracts
Sources: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2023-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2023-1)
Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither none of the UTI Beneficiary nor Beneficiary, the holder of the 20142017-1 SUBI Certificate or the Registered Pledgee shall direct the Vehicle Trustee (i) to take any action that would cause the 20142017-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Vehicle Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20142017-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20142017-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20142017-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20142017-1 SUBI Portfolio and (b) the Vehicle Trust to pay, other than from the assets of the 20142017-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20142017-1 SUBI Portfolio and payable by the Vehicle Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20142017-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) to file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Vehicle Trust or the 20142017-1 SUBI Portfolio or (vii) to take any actions with respect to the 20142017-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust Issuer to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust Issuer and of the Other SUBI Portfolios or the UTI Portfolio.
Appears in 2 contracts
Sources: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2017-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2017-1)
Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither the UTI Beneficiary nor the holder of the 20142012-1 SUBI Certificate shall direct the Vehicle Trustee (i) to take any action that would cause the 20142012-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20142012-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20142012-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20142012-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20142012-1 SUBI Portfolio and (b) the Trust to pay, other than from the assets of the 20142012-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20142012-1 SUBI Portfolio and payable by the Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20142012-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Trust or the 20142012-1 SUBI Portfolio or (vii) to take any actions with respect to the 20142012-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust and of the Other SUBI Portfolios or the UTI Portfolio.
Appears in 2 contracts
Sources: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2012-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2012-1)
Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither the UTI Beneficiary nor the holder of the 20142009-1 SUBI Certificate shall direct the Vehicle Trustee (i) to take any action that would cause the 20142009-1 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20142009-1 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20142009-1 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20142009-1 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20142009-1 SUBI Portfolio and (b) the Trust to pay, other than from the assets of the 20142009-1 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20142009-1 SUBI Portfolio and payable by the Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20142009-1 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Trust or the 20142009-1 SUBI Portfolio or (vii) to take any actions with respect to the 20142009-1 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust and of the Other SUBI Portfolios or the UTI Portfolio.
Appears in 1 contract
Sources: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2009-1)
Prohibited Directions. As provided by Section 5.2(d) of the Vehicle Trust Agreement, neither none of the UTI Beneficiary nor Beneficiary, the holder of the 20142021-1 2 SUBI Certificate or the Registered Pledgee shall direct the Vehicle Trustee (i) to take any action that would cause the 20142021-1 2 SUBI Portfolio to be substantively consolidated into any Other SUBI Portfolio such that it will have its separate existence disregarded in the event of a bankruptcy of the UTI Beneficiary, the Vehicle Trust, or an Other SUBI or the UTI, (ii) to commingle any of the assets of the 20142021-1 2 SUBI Portfolio with the assets of any Other SUBI Portfolio or the UTI Portfolio, (iii) to maintain the corporate, financial and accounting books and records and statements of the 20142021-1 2 SUBI Portfolio, if any, in a manner such that they cannot be separated from those of any Other SUBI Portfolio or the UTI Portfolio, (iv) to take any action that would cause (a) the funds and other assets of the 20142021-1 2 SUBI Portfolio, if any, not to be identifiable on the bank accounts, corporate records and books of account, if any, of the 20142021-1 2 SUBI Portfolio and (b) the Vehicle Trust to pay, other than from the assets of the 20142021-1 2 SUBI Portfolio, any obligations or indebtedness of any kind incurred by the 20142021-1 2 SUBI Portfolio and payable by the Vehicle Trust pursuant to the SUBI Trust Agreement, (v) to maintain the assets and liabilities of the 20142021-1 2 SUBI Portfolio so that they are not readily ascertainable from those of any Other SUBI Portfolio or the UTI Portfolio and subject to segregation (without requiring substantial time or expense to effect and account for such segregated assets and liabilities), (vi) to file a voluntary petition as a debtor under the federal bankruptcy code or any similar insolvency law or on behalf of the Vehicle Trust or the 20142021-1 2 SUBI Portfolio or (vii) to take any actions with respect to the 20142021-1 2 SUBI Portfolio except in its capacity as the Vehicle Trustee or Series Vehicle Trustee, as the case may be. The Servicer shall have the right to take any action on behalf of the Trust Issuer to enforce the foregoing provisions of this Section 5.7 for the benefit of the Trust Issuer and of the Other SUBI Portfolios or the UTI Portfolio.
Appears in 1 contract
Sources: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2021-2)